RE:news/update
Thx for the text.
Good to see another 90boed added to production. So only from this we can assume around 300boed on average through 2015. Let us further assume netbacks of around $30 on average for the year we are around 3.3mio cash flow with around 8.7mio in cash (8.3mio as of 30th June 2014 plus some small amounts due to some share buybacks, drilling of E6 and G&A) in the bank would be around 10mio to put to work assuming 2mio of G&A next year.
On the upside E2 and G1 could add production without a lot of further funding needed. So let's assume best case that those two wells can add 100boed production to EW and netbacks of 50$ we should have 2mio more to drill more wells on Cheal. :-)
Good to see that they did cut down the East cost and preserve the capital.
What will be interesting to see is what the block offer results will bring and if there might emerge something new on the horizon although I think the easiest way would be to drill Cheal North to capacity (imagine 15 wells with 70boed each net to EW) and then concentrate on other undertakings.
Romania seems to take longer. Again. Hopefully we get at least one well in Romania in 2015 to get some fantasy back in here.
To sum it up I think we should not face any financing issues for the next year and the lottery ticket is Romania. It is cruel to need a quadruple to break even but I will stick to it as I still believe Romania could become a success.
Just my personal thoughts. DYODD
carinthian